Key Players :
Lubrizol Corporation (US), BASF SE (Germany), Infineum International Limited (UK), Tianhe Chemicals (China), Chevron Oronite Company LLC (US), Afton Chemical (US), Evonik Industries AG (Germany), Croda International PLC (UK), BRB International BV (Netherlands), Lanxess (Germany), and Krystal Lubetech Private Limited (India).
Market Research Future states that the Global Lubricating Oil Additives Market Size to grow with a substantial CAGR during the forecasted period 2017-2023.
The chemical compounds added to lubricating oils to provide new and improved properties or to enhance the existing properties of the base oil are referred to as lubricating oil additives. The major end-users of the product are the automotive and industrial sectors. The automotive sector is expected to be the leading end-user segment. The need to increase the efficiency of vehicle engines and the durability of machines is likely to boost the demand for lubricating oil additives during the forecast period. In addition, rapid industrialization and urbanization are fueling the demand for passenger and transportation vehicles, which is expected to drive the demand for the product during the review period.
Based on type of additive, the Lubricating Oil Additives Market has been categorized as demulsifier, antioxidant, viscosity index improver, detergent, friction modifier, anti-foam agent, corrosion inhibitor, and others. The demulsifier segment is expected to account for the largest share of the global lubricating oil additives market. Demulsifiers are used to break oil-water emulsions in lubricants as they can be detrimental to the performance of the lubricant. This type of additive removes water from the system, hence preventing the harmful effects of corrosion, foaming, and cavitation. The increasing demand for demulsifiers in the automotive and industrial sectors is expected to drive market growth during the assessment period.
The global lubricating oil additives market has been segmented on the basis of end-user, type, application, and region.
Based on end-user, the global lubricating oil additives market has been categorized as automobile, industrial, and others.
On the basis of type of additive, the global lubricating oil additives market has been segregated into antioxidant, viscosity index improver, detergent, friction modifier, anti-foam agent, corrosion inhibitor, emulsifier, and others.
By application, the global lubricating oil additives market has been divided into engine oil, gear oil, hydraulic fluid, industrial oil, process oil, and others.
The global lubricating oil additives market has been divided into five key regions—Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa. Asia-Pacific accounted for the largest share of the global lubricating oil additives market in 2017. This can be attributed to rapid industrialization and urbanization in the region, coupled with the increasing population. In addition, rising fuel prices are necessitating efficient and economic engines, thus increasing the demand for lubricant additives in the automotive sector. Furthermore, developing economies such as China, India, and Indonesia are emerging as major industrial hubs, driving the demand for engine oils, compressor and turbine oils, and grease oils in industrial applications. This is expected to further drive market growth during the review period. North America and Europe are the other major markets for lubricating oil additives.
North America accounted for the second-highest automobile production in 2017 due to the established automotive industry in the US. This is expected to drive product demand in the region in the coming years. The advancements in the automotive industry to enhance the fuel economy and reduce the gas emissions is anticipated to boost the product demand in Europe. The UAE, Kuwait, and Iran are likely to be the major contributors to the growth of the market in the Middle East & Africa during the forecast period.